Full Coverage Auto Insurance
Full coverage combines liability, collision, and comprehensive into one policy that covers both damage you cause and damage to your own vehicle.
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What Is Full Coverage Insurance?
Full coverage is not a separate insurance product—it's industry shorthand for a policy that includes liability coverage (required in Illinois), collision coverage (pays for your vehicle after an at-fault crash), and comprehensive coverage (pays for theft, vandalism, weather damage, and animal strikes). Lenders mandate full coverage to protect their collateral while you owe money on the vehicle. Once the loan is satisfied, Illinois law requires only liability, and you decide whether the collision and comprehensive portions still justify their cost based on your vehicle's value and your financial cushion.
Who Needs Full Coverage Insurance?
It's required while you're financing or leasing. It's also advisable if you drive frequently in high-deer-density areas or park on the street in a neighborhood with elevated theft or vandalism rates. Retirees who recently paid off a newer vehicle and still drive it daily often benefit from keeping full coverage for two to three more years while the replacement cost remains high.
Calculate your vehicle's current market value using Kelley Blue Book or your county's assessed value for property tax. Multiply your annual collision and comprehensive premium by 10. If the vehicle value is less than that 10-year cost, drop the coverage and deposit the premium savings into an emergency fund earmarked for vehicle replacement.
How Much Does Full Coverage Insurance Cost?
Actual cost depends on your vehicle's value, your deductible elections, and your driving record.
- Vehicle age and value—collision and comprehensive premiums drop as the vehicle depreciates, since the insurer's maximum payout shrinks each year.
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